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Tekcapital raises £3.8 million
StockMarketWire.com
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UK intellectual property investment group, Tekcapital, has raised a total of £3.8 million before expenses in an oversubscribed placing from existing and new institutional shareholders.
The fundraising was by way of the issue of, in aggregate, 38,000,000 new ordinary shares of 0.4p each in the company, at 10p per share.
The funds raised will primarily be used to increase investment in its portfolio companies Belluscura plc, Lucyd ltd, Salarius Ltd and Guident Ltd, to accelerate their growth. All of these companies have capable management, proprietary technology and have addressable markets greater than US$1B, Tekcapital said.
Of the funds raised, £1.25 million will be used to exercise warrants and options held in Belluscura plc, which will increase Tekcapital's equity stake by approximately 70% to approximately 17.1m shares. The remainder will primarily be committed to Tekcapital's portfolio of companies and to provide additional working capital for the Company.
At 9:32am: (LON:TEK) Tekcapital share price was 0p at 9.5p
Story provided by StockMarketWire.com
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